US-China trade deal: Donald Trump has stated that the US-China trade deal is complete, with China agreeing to supply rare earths and magnets, while the US will allow Chinese students into its universities.
China is receiving 10% of the total tariffs that we are receiving, which is 55%. THE RELATIONSHIP IS SUPERB. Trump wrote on Truth Social without elaborating.
According to a White House official, the deal permits the United States to impose a 55% tariff on Chinese imports.
This comprises a baseline “reciprocal” duty of 10%, a fentanyl trafficking tariff of 20%, and a 25% tariff that reflects previous tariffs.
According to the official, China would impose a 10% tariff on American imports.
Trump stated that he and President Xi Jinping must finalize the agreement.
“UP FRONT, CHINA WILL PROVIDE FULL MAGNETS AND ANY NECESSARY RARE EARTHS. Likely, we will give China what was agreed upon, including Chinese students who attend our universities and colleges (which has always pleased me!),” Trump declared.
With little indication of a long-term solution to trade tensions, U.S. and Chinese officials announced Tuesday that they had reached an agreement on a framework to restore their trade truce and lift China’s export restrictions on rare earths.
The Trump administration responded with its own export limitations, blocking shipments of semiconductor design software, aircraft, and other items to China after the Geneva pact broke down due to China’s restrictions on exports of vital minerals.
Trump’s fluctuating tariff policies have caused chaos in major ports, agitated international markets, and cost businesses tens of billions of dollars in lost revenue and increased expenses.
